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Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition) The Law Library presents the complete text of the Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition). Updated as of May 29, 2018 The Board is amending subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), and the official staff commentary to the regulation. In the final rule, the Board has modified the current check collection and return requirements to reflect the virtually all-electronic check collection and return environment and to encourage all depositary banks to receive, and paying banks to send, returned checks electronically. The Board has retained, without change, the current same-day settlement rule for paper checks. The Board is also applying Regulation CC's existing check warranties under subpart C to checks that are collected electronically, and in addition, has adopted new warranties and indemnities related to checks collected and returned electronically and to electronically-created items. This book contains: - The complete text of the Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition) - A table of contents with the page number of each section
Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire and Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition) The Law Library presents the complete text of the Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire and Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition). Updated as of May 29, 2018 The Board of Governors is adopting a final rule amending Regulation CC to define "remotely created checks" and to create transfer and presentment warranties for such checks. The purpose of the amendments is to shift liability for unauthorized remotely created checks to the depositary bank, which is generally the bank for the person that initially created and deposited the remotely created check. The Board is also adopting conforming cross-references to the new warranties in Regulation J. This book contains: - The complete text of the Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire and Availability of Funds and Collection of Checks (US Federal Reserve System Regulation) (FRS) (2018 Edition) - A table of contents with the page number of each section